Correlation Between Youngy Health and Yunnan Jianzhijia
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By analyzing existing cross correlation between Youngy Health Co and Yunnan Jianzhijia Health Chain, you can compare the effects of market volatilities on Youngy Health and Yunnan Jianzhijia and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Youngy Health with a short position of Yunnan Jianzhijia. Check out your portfolio center. Please also check ongoing floating volatility patterns of Youngy Health and Yunnan Jianzhijia.
Diversification Opportunities for Youngy Health and Yunnan Jianzhijia
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Youngy and Yunnan is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Youngy Health Co and Yunnan Jianzhijia Health Chain in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yunnan Jianzhijia and Youngy Health is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Youngy Health Co are associated (or correlated) with Yunnan Jianzhijia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yunnan Jianzhijia has no effect on the direction of Youngy Health i.e., Youngy Health and Yunnan Jianzhijia go up and down completely randomly.
Pair Corralation between Youngy Health and Yunnan Jianzhijia
Assuming the 90 days trading horizon Youngy Health Co is expected to generate 0.97 times more return on investment than Yunnan Jianzhijia. However, Youngy Health Co is 1.03 times less risky than Yunnan Jianzhijia. It trades about 0.01 of its potential returns per unit of risk. Yunnan Jianzhijia Health Chain is currently generating about -0.04 per unit of risk. If you would invest 390.00 in Youngy Health Co on October 25, 2024 and sell it today you would lose (40.00) from holding Youngy Health Co or give up 10.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Youngy Health Co vs. Yunnan Jianzhijia Health Chain
Performance |
| Timeline |
| Youngy Health |
| Yunnan Jianzhijia |
Youngy Health and Yunnan Jianzhijia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Youngy Health and Yunnan Jianzhijia
The main advantage of trading using opposite Youngy Health and Yunnan Jianzhijia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Youngy Health position performs unexpectedly, Yunnan Jianzhijia can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Yunnan Jianzhijia will offset losses from the drop in Yunnan Jianzhijia's long position.| Youngy Health vs. Jiahe Foods Industry | Youngy Health vs. Shannon Semiconductor Technology | Youngy Health vs. Eastroc Beverage Group | Youngy Health vs. Guangdong Wens Foodstuff |
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Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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